<SEC-DOCUMENT>0001193125-15-365408.txt : 20151104
<SEC-HEADER>0001193125-15-365408.hdr.sgml : 20151104
<ACCEPTANCE-DATETIME>20151104101800
ACCESSION NUMBER:		0001193125-15-365408
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151102
FILED AS OF DATE:		20151104
DATE AS OF CHANGE:		20151104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELECOM ARGENTINA SA
		CENTRAL INDEX KEY:			0000932470
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		151195802

	BUSINESS ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB
		BUSINESS PHONE:		54-11-4968-4000

	MAIL ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELECOM ARGENTINA STET FRANCE TELECOM SA
		DATE OF NAME CHANGE:	19950809
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d46551d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of Foreign Issuer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule 13a-16 or 15d-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of November 2015 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: 001-13464 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Telecom
Argentina S.A. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alicia Moreau de Justo, No.&nbsp;50, 1107 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Buenos Aires, Argentina </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form 20-F&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark
whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;
<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b): <U>N/A</U> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Telecom Argentina S.A. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><A NAME="toc"></A>TABLE OF CONTENTS </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><B><I><A HREF="#tx46551_1" style="color:Blue">English translation of a letter submitted to the Comisi&oacute;n Nacional de Valores (CNV) dated November&nbsp;
2, 2015: Adoption of a New Code of Ethics and Conduct, Conflict of Interests Policy and Anticorruption Policy</A></I></B> </TD></TR></TABLE>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="tx46551_1"></A>Item 1 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>FOR IMMEDIATE RELEASE</U></B></P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Buenos Aires, November&nbsp;2nd, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g46551g69h82.gif" ALT="LOGO">
</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Comisi&oacute;n Nacional de Valores </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Att: Mr.&nbsp;Cristian Girard </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sir, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>RE.: Adoption of a New Code of Ethics and Conduct, Conflict of Interests Policy and Anticorruption Policy </U></I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am writing to you as Chairman of <B>Telecom Argentina S.A </B>(&#145;Telecom Argentina&#146;) to inform you that in a meeting held today, the Board of
Directors has approved a &#147;New Code of Ethics and Conduct&#148;, a &#147;Conflict of Interests Policy&#148; and an &#147;Anticorruption Policy&#148;. These documents provide, respectively: i) the ethical principles to which Telecom Argentina and
all directors, trustees , officers and in general all those who work in the Company must abide; ii ) regulations to prevent and manage conflicts of interests; and iii ) the framework for the prohibition of corrupt practices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taken together, these documents replace the Code of Business Conduct and Ethics applicable to date, that was originally approved by the Board in 2003 with
modifications that were introduced both in 2005 and 2010, and which as stated by the Board and the Audit Committee of the Company, &#147;has been a very valuable tool for corporate governance, which has adequately satisfied the objectives that the
Board of Directors pursued on the moment of is adoption&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjustments made to regulations in recent years and in matters of corporate governance,
organization and implementation of preventive measures aimed at reducing the risk of conflict of interest and corrupt practices, and that are applicable to Telecom Argentina as company subject to regime of public offering both in Argentina and the
United States, have been taken into account for the formulation and approval of the &#147;New Code of Ethics and Conduct,&#148; the &#147;Policy on Conflicts of Interest&#148; and the <FONT STYLE="white-space:nowrap">&#147;Anti-Corruption</FONT>
Policy&#148; . In turn, they have reflected changes occurred in the organizational structure of Telecom Argentina Group with the purpose of defining the responsibilities in the management of this new Code and associated policies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please find attached a copy of the &#147;New Code of Ethics and Conduct&#148;, the &#147;Policy on Conflicts of Interests&#148; and &#147;Anti-Corruption
Policy&#148; documents, that will be submitted to all those working in the Company in order for them to become aware and commit to its fulfillment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Oscar C. Cristianci</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Chairman</TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TELECOM ARGENTINA GROUP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compliance Program 2015 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>New Code of Ethics and Conduct</B> </TD></TR></TABLE>

<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CODE OF ETHICS AND CONDUCT OF TELECOM ARGENTINA GROUP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="89%"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_16">O<SMALL>UR</SMALL> P<SMALL>RINCIPLES</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 1</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_2">I<SMALL>NTRODUCTION</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 2</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_3">O<SMALL>UR</SMALL> P<SMALL>RINCIPLES</SMALL> <SMALL>IN</SMALL> <SMALL>THE</SMALL> C<SMALL>ONDUCT</SMALL> <SMALL>OF</SMALL> <SMALL>OUR</SMALL> B<SMALL>USINESS</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_4">2.1 E<SMALL>THICS</SMALL> <SMALL>AND</SMALL> C<SMALL>OMPLIANCE</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_5">2.2 S<SMALL>ERVICE</SMALL> E<SMALL>XCELLENCE</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_6">2.3 C<SMALL>OMPETITION</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_7">2.4 C<SMALL>OMMUNICATION</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_8">2.5 C<SMALL>OMMUNITY</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_9">2.6 H<SMALL>UMAN</SMALL> C<SMALL>APITAL</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_10">2.7 H<SMALL>EALTH</SMALL> <SMALL>AND</SMALL> S<SMALL>AFETY</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 3</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_11">O<SMALL>UR</SMALL> C<SMALL>OMMITMENTS</SMALL> <SMALL>UNDER</SMALL> <SMALL>THIS</SMALL> C<SMALL>ODE</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD HEIGHT="8"></TD>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 4</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_12">R<SMALL>EPORTING</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 5</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_13">D<SMALL>ISTRIBUTION</SMALL> <SMALL>AND</SMALL> E<SMALL>NFORCEMENT</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE&nbsp;6</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_14">W<SMALL>AIVERS</SMALL> <SMALL>AND</SMALL> A<SMALL>MENDMENTS</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><A HREF="#tx46551_15">A<SMALL>DDITIONAL</SMALL> C<SMALL>HAPTER</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> C<SMALL>ODE</SMALL> <SMALL>OF</SMALL> E<SMALL>THICS</SMALL> <SMALL>AND</SMALL>
C<SMALL>ONDUCT</SMALL></A><SMALL></SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx46551_16"></A>OUR PRINCIPLES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ETHICS AND COMPLIANCE </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We work</B> in compliance with
the law and universally accepted ethical principles, inspired by transparency, correctness and equity. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SERVICE EXCELLENCE </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We strive</B> to provide our customers with excellent service that generates value for the shareholders and the community where we operate. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COMPETITION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We encourage</B> fair competition in the
best interest of customers and market players. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COMMUNICATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We guarantee </B>transparency in our actions, in our relations with customers, the market, investors, the community, employees, labor unions and other
stakeholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COMMUNITY </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We contribute</B> to the
economic wellbeing and growth of the community in which we operate, showing respect for the environment and the rights of future generations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>HUMAN
CAPITAL </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We value</B> the Group&#146;s Human Resources, and respect difference, in an environment of loyalty, adherence ethical values and trust.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>HEALTH AND SAFETY </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We preserve</B> health and
safety at the workplace, ensuring respect for the physical and moral integrity, rights and dignity of our employees. </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_2"></A>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>INTRODUCTION </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top">This Code of Ethics and Conduct applies to Telecom Argentina S.A. (&#147;<B>Telecom Argentina</B>&#148;) and the companies under its control whose Boards of Directors adopt it as a Code of Ethics and Conduct
(collectively, &#147;the <B>Companies</B>&#148; or &#147;<B>Telecom Argentina Group</B>&#148; or &#147;<B>the Group</B>&#148;). &#147;<B>Company</B>&#148; refers to any of the Companies. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.2.</TD>
<TD ALIGN="left" VALIGN="top">Telecom Argentina Group conducts its domestic and foreign operations in compliance with the principles stated in this Code of Ethics and Conduct (hereinafter, &#147;this Code&#148;), which is an essential element of the
Group&#146;s organizational model and the internal control and risk management system, in the belief that ethics in the conduct of business is a fundamental condition for the Company&#146;s success. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.3.</TD>
<TD ALIGN="left" VALIGN="top">This Code is intended for and must be observed by all members of the Board of Directors, the Supervisory Committee, the Chief Executive Officer, the Directors, Managers and all other personnel, regardless of the hiring
mode (all of them collectively and every one of them individually hereinafter referred to as &#147;<B>Personnel</B>&#148;), of each of the Companies. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.4.</TD>
<TD ALIGN="left" VALIGN="top">All references in this Code to compliance by Personnel with their duties, attitudes and conduct towards the Company shall mean the duties, attitudes and conduct of the Personnel towards the Companies in which said
Personnel work. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.5.</TD>
<TD ALIGN="left" VALIGN="top">Suppliers, contractors, advisors and consultants of the Companies will be required to accept the principles stated in this Code, in accordance with the provisions of the Group&#146;s internal standards.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.6.</TD>
<TD ALIGN="left" VALIGN="top">Internal standards (policies, procedures, instructions) and the disciplinary system are intended to ensure that the principles of this Code are reflected on the conduct of Personnel. The Companies have an efficient and
effective internal control and risk management system that emphasizes a clear definition of roles and responsibilities; the segregation of duties based on a coherent design for delegation of operating functions; the traceability of acts and
transactions; the reliability of financial information, and compliance with the law, regulations and internal procedures. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.7.</TD>
<TD ALIGN="left" VALIGN="top">Telecom Argentina is a party to the United Nations Global Compact on Human Rights, labor standards, environmental protection and the fight against corruption, and ensures that its institutional commitment is fulfilled
through the implementation of specific actions on the environmental and social fields. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_3"></A>OUR PRINCIPLES IN THE CONDUCT OF OUR BUSINESS </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>2.1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_4"></A>Ethics and Compliance </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.1.1.</TD>
<TD ALIGN="left" VALIGN="top">Our operations are carried out in compliance with the applicable legislation and the ethical principles of universal acceptance inspired by transparency, integrity and honesty. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.1.2.</TD>
<TD ALIGN="left" VALIGN="top">We reject and condemn illegal or dishonest behavior, and we avoid any action that implies promoting, sharing or tolerating any form of corruption. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>2.2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_5"></A>Service Excellence </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.2.1.</TD>
<TD ALIGN="left" VALIGN="top">We work with the goal to provide our customers with excellent service, generating value for the shareholder and the community, ensuring respect for all those who work for the Group, and observing the principles stated
in this Code. The Group&#146;s industrial and financial strategies are aimed at achieving these values, as are the operating conducts deriving from them, upholding the quality, efficiency and innovation of the products and services we offer.
</TD></TR></TABLE>

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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.2.2.</TD>
<TD ALIGN="left" VALIGN="top">We ensure procurement processes that are focused on providing products and services under the best market terms, without compromising our goals in terms of quality, safety and respect for the environment.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.2.3.</TD>
<TD ALIGN="left" VALIGN="top">We guarantee a suitable response to the needs of our customers, and our conduct is based on fair dealing and transparency in our relations and contractual commitments, as well as a kind and collaborative attitude.
</TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>2.3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_6"></A>Competition </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.3.1.</TD>
<TD ALIGN="left" VALIGN="top">We believe in fair competition, viewing it as a tool in the best interest of each market player, the customers and stakeholders at large. We avoid making any claims that could be offensive to the reputation of our
competitors. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.3.2.</TD>
<TD ALIGN="left" VALIGN="top">We ensure compliance with antitrust laws, which forbid the conclusion of agreements or arrangements with other companies on such matters as prices, terms of sale to customers, and the allocation of markets or customers.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>2.4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_7"></A>Communication </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.4.1.</TD>
<TD ALIGN="left" VALIGN="top">We ensure transparency in our relations with all stakeholders, meeting the confidentiality requirements inherent in the conduct of business of our Companies. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.4.2.</TD>
<TD ALIGN="left" VALIGN="top">We guarantee our Personnel the constitutional right to express their individual opinions freely. However, any opinions on public matters will always be expressed in an individual capacity. Any opinion involving the
Companies should be formally authorized by the Communication and Media Director (or by his/her direct reports who have expressly delegated powers), the Chief Executive Officer or the Board of Directors. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.4.3.</TD>
<TD ALIGN="left" VALIGN="top">We interact with the market and with investors observing the criteria of integrity and transparency, and refraining from any unfair behavior. The Companies are responsible for establishing effective communications with
all their shareholders and their investors, making available to them truthful, complete, accurate, timely and easily understandable information, in all material respects, about their financial position, the results of their operations and all
relevant facts and events that could or might affect the Group. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.4.4.</TD>
<TD ALIGN="left" VALIGN="top">The reports and documents that the Companies are required to submit to Comisi&oacute;n Nacional de Valores (&#147;CNV&#148;), the United States Securities and Exchange Commission (&#147;SEC&#148;), Bolsa de Comercio de
Buenos Aires (&#147;BCBA&#148;) and the New York Stock Exchange (&#147;NYSE&#148;), as well as any other public communications to other control authorities and markets, shall always include truthful, complete, accurate, timely and easily
understandable information. </TD></TR></TABLE>

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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.4.5.</TD>
<TD ALIGN="left" VALIGN="top">Telecom Argentina has implemented a Reporting Commission, made up by Executives, to assist in the collection, processing and oversight of the information to be reported to the SEC and other public information documents
to be released to the public. All Personnel of the Companies shall provide full cooperation with the tasks performed by the Reporting Commission, and any information furnished to it shall be truthful, complete, accurate, timely and easily
understandable. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.4.6.</TD>
<TD ALIGN="left" VALIGN="top">We protect and keep in strict confidentiality the Companies&#146; proprietary information and the personal data of our customers. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>2.5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_8"></A>Community </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.5.1.</TD>
<TD ALIGN="left" VALIGN="top">We believe in sustainable global growth for the common benefit of all stakeholders, present and future, and promote research and innovation as drivers of progress and success. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.5.2.</TD>
<TD ALIGN="left" VALIGN="top">We contribute to the economic wellbeing and growth of the community in which we operate through the provision of quality services. Considering the social relevance of our services, we meet community demands paying
special attention to the needs of the weaker segments, in line with our objectives of efficient economic management. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.5.3.</TD>
<TD ALIGN="left" VALIGN="top">We make investment and business decisions that are compatible with the responsible use of resources, respecting the environment and the rights of future generations, in full compliance with applicable legislation.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.5.4.</TD>
<TD ALIGN="left" VALIGN="top">We encourage and, if applicable, we support, social, cultural and educational initiatives designed to promote individuals and improve their quality of life. The Group&#146;s Companies make contributions and donations to
third parties &#150; particularly, nonprofit organizations and institutions &#150; based on humanitarian, cultural, social and sports undertakings, representing concrete actions that create value added from the ethical and social viewpoint.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.5.5.</TD>
<TD ALIGN="left" VALIGN="top">We establish relations with local, provincial, national and supranational institutions based on collaboration and transparency, with the aim to facilitate dialog on topics of specific interest, respecting mutual
autonomy, the economic goals set, and the values stated in this Code. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.5.6.</TD>
<TD ALIGN="left" VALIGN="top">We do not give any contributions, support or other benefits, whether direct or indirect, to political parties or movements, their representatives or candidates. It is not the intention of the Companies to discourage or
prevent Personnel, in an individual capacity, from giving contributions or support to political parties or groups, or undertaking political activities on their own behalf, provided, however, that those activities shall not be performed during
working hours or at the workplace or on the Companies&#146; premises. </TD></TR></TABLE>

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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>2.6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_9"></A>Human Capital </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.6.1.</TD>
<TD ALIGN="left" VALIGN="top">We protect and value the Group&#146;s Human Resources, in the understanding that the main driver of success for any company is the professional contribution of the people working for it, and we are respectful of
differences, which we view as an opportunity for development and improvement in a framework of frankness, kindness and adherence to ethical values. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.6.2.</TD>
<TD ALIGN="left" VALIGN="top">We guarantee equal opportunities at the workplace by rejecting and penalizing all kinds of discrimination or harassment based on gender, sexual orientation, ethnicity or social origin, nationality, language, religion,
opinion &#150;be it political or otherwise- national minorities, different abilities, or age. We do not tolerate an offensive or bullying atmosphere, and reject all mobbing practices. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>2.7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_10"></A>Health and Safety </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.7.1.</TD>
<TD ALIGN="left" VALIGN="top">We preserve health and safety at the workplace, ensuring respect for the physical and moral integrity, and the rights and dignity of employees. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.7.2.</TD>
<TD ALIGN="left" VALIGN="top">We enforce and uphold the guidelines issued by the World Health Organization, as well as the regulations issued by National and Provincial Health Ministries, and the technical guidance of the Workers Compensation
Superintendence. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_11"></A>OUR COMMITMENT UNDER THIS CODE </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We</B>, the Personnel within the scope of
this Policy, take on the following commitments in the conduct of our activities and in the relations deriving there from: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.1.</TD>
<TD ALIGN="left" VALIGN="top"><B>We observe</B> the provisions of applicable legislation, this Code and the Company&#146;s internal procedures. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.2.</TD>
<TD ALIGN="left" VALIGN="top"><B>We reject and condemn </B>any conduct that could be of an illegal nature, no matter how convenient and/or beneficial it may be for the Group. Under no circumstance shall the pursuit of such interest or benefit
justify a conduct that is not aligned with the principles stated in this Code. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.3.</TD>
<TD ALIGN="left" VALIGN="top"><B>We participate</B> actively in the fight against corruption, in accordance with the specific anti-corruption policy approved by the Board of Directors of the Companies through the relevant internal procedures. In
particular, we do not receive, solicit, exchange or offer &#150;either directly or indirectly &#150; any payments, gifts or benefits whatsoever to, with or from any government officials or any other individual, which may be worth in excess of a
nominal value, intended to be more than a mere courtesy, or which might appear to induce the making or omission of a given act, to secure an undue advantage. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.</TD>
<TD ALIGN="left" VALIGN="top"><B>We do not pursue</B> personal or third-party interests to the detriment of the interests of the Companies, and we do not compete with the Companies in the purchase or sale of goods, products, services or any other
transaction. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><B>We protect </B>and keep in strict confidentiality the Group&#146;s proprietary information and the personal data of our customers. We understand
that it is illegal to use insider information &#150;meaning information that is not in the public domain- associated with </P></TD></TR></TABLE>

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<TD WIDTH="6%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
the Company and/or the Group, its operations, its financial position, the results of its operations, or relevant events involving its results, with the aim to purchase, sell or trade its shares,
corporate bonds or any security issued by any of the Companies or by Nortel Inversora S.A. Furthermore, we understand that it is illegal to provide that insider information or to tip any person for the same purpose, and that all non-public
information will be considered insider information that should never be used for personal gain or for the gain of a third-party. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.6.</TD>
<TD ALIGN="left" VALIGN="top"><B>We comply with and ensure</B> compliance with the laws and regulations in force regarding the secrecy of communications. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.7.</TD>
<TD ALIGN="left" VALIGN="top"><B>We respect</B> corporate guidelines in force regarding appropriate use of the internet, intranet and email, and refrain from chain greetings, access to and distribution of obscene or offensive content, or any use
that could infringe this Code or be against its principles. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.8.</TD>
<TD ALIGN="left" VALIGN="top"><B>We can,</B> as citizens, take part in public activities and take on civic offices, as long as it does not entail a conflict of interest between our position in the Company and such public office. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.9.</TD>
<TD ALIGN="left" VALIGN="top"><B>We avoid</B> activities (even when conducted gratuitously), behaviors or actions that are in any way inconsistent with the obligations deriving from the relationship established with the Company or the Group.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.10.</TD>
<TD ALIGN="left" VALIGN="top"><B>We do not adopt</B> any behavior that could actually or potentially damage the reputation of the Company and/or the Group. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.11.</TD>
<TD ALIGN="left" VALIGN="top"><B>We avoid</B> using, for our own or for third-party benefit, the name, image and reputation of the Company and/or the Group, and the information obtained and business opportunities we become aware of in the discharge
of our duties. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.12.</TD>
<TD ALIGN="left" VALIGN="top"><B>We protect </B>the Company&#146;s assets (materials, equipment, vehicles, supplies, financial assets, IT resources, etc.) from any loss, theft or misuse, and we do not take advantage, for own or third-party benefit,
of the assets, information and business opportunities associated with the situation, position or role we have at the Companies, and we commit to observe and ensure that others observe the Antifraud Policy approved by the Board of Directors.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.13.</TD>
<TD ALIGN="left" VALIGN="top"><B>We report</B> any situations of conflict that might arise, even potentially, between our personal (direct or indirect) interest and the interest of the Companies we work for, in compliance with the Conflict of
Interest Policy approved by the Board of Directors. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.14.</TD>
<TD ALIGN="left" VALIGN="top"><B>We report </B>all forms of illegal conduct or any other situation we become aware of that could be detrimental to the interests of the Company and/or the Group, or otherwise damage their reputation and image, in
accordance with the provisions of Section&nbsp;4, &#147;Reporting&#148; of this Code; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.15.</TD>
<TD ALIGN="left" VALIGN="top"><B>We understand</B> that Personnel are not allowed, during the discharge of their duties or while doing their job for the Companies, to: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">Do any work that is unrelated to the Companies&#146; business during working hours, on or off the Companies&#146; premises (this clause does not apply to the members of the Board of Directors and of the Supervisory
Committee). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">Have violent behavior. </TD></TR></TABLE>

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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top">Take or be under the effects of alcohol or illegal substances. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top">Violate the rights of customers, suppliers or colleagues. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top">Treat customers disrespectfully, using rude, offensive, defamatory or obscene language or gestures. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top">Discriminate, harass or otherwise intimidate any work colleague or any other person. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top">Use any insinuations, actions or comments that could create an atmosphere of intimidation or offense. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">h.</TD>
<TD ALIGN="left" VALIGN="top">Forge or fake any information, authorized signatures, records, vouchers or documents. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>3.16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We make the following commitments: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">Not to deprive the Company, for our own or a third party benefit, of opportunities to acquire or dispose of assets, products, services or rights. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">Not to adopt any decisions or courses of action, from the position held at the Company, to protect or improve any specific investment or financial interest held in a company with which the Company does business.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top">Not to exert a determining influence for the Company to hire a certain company as supplier, contractor, agent or representative, when company said is owned or managed by close relatives (in compliance with the Conflict
of Interest Policy), or employs close relatives in executive or management positions. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.17.</TD>
<TD ALIGN="left" VALIGN="top"><B>We acknowledge</B> that any action, regardless of how well-intended it may be, when done in violation of the law or this Code, can have negative consequences for the Companies and/or Personnel, and said consequences
could result in corrective and/or disciplinary measures being taken even leading up to dismissal or removal from office. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_12"></A>REPORTING </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.1.</TD>
<TD ALIGN="left" VALIGN="top">The Companies encourage Personnel to report immediately any actual or potential violation of the laws, rules or regulations in force or the provisions of this Code, and undertake to investigate seriously any report made
in good faith regarding said violations. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.2.</TD>
<TD ALIGN="left" VALIGN="top">The Companies shall not tolerate any retaliation whatsoever for reporting or good faith complaints regarding undue behaviors. Open communication of concerns and issues by Personnel, without fear of negative reactions or
retaliation, is considered vital for the successful implementation of this Code. Personnel are expected to cooperate in internal investigations of undue conduct or infringements of this Code. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.3.</TD>
<TD ALIGN="left" VALIGN="top">Any act that represents an actual or potential violation of the laws, rules or regulations in force or the provisions of this Code, and any other concern regarding financial, internal control, accounting or auditing
concerns may be reported using the dedicated website <B><U>www.telecom-denuncias.com.ar</U></B>, which ensures the confidentiality of the information received. Additionally, reports may also be submitted in person or in writing to any of the members
of the Audit Committee of Telecom Argentina (the &#147;<B>Audit Committee</B>&#148;). </TD></TR></TABLE>

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<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.4.</TD>
<TD ALIGN="left" VALIGN="top">Reports and concerns on accounting, internal control or audit issues may be submitted anonymously. Reports on any other topics may not be submitted anonymously. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.5.</TD>
<TD ALIGN="left" VALIGN="top">The Audit Department will review each report and may exclude any accusation that it deems defamatory or lacking seriousness, or made anonymously, except when referring to accounting, internal control or audit issues.
The Audit Department will refer each report to the relevant function for its processing, and shall conduct the follow-up of that process. The Audit Committee will be informed of all reports that have been excluded by the Audit Department and the
reasons for their exclusion. The Audit Committee will keep the power to review any report at its discretion. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.6.</TD>
<TD ALIGN="left" VALIGN="top">The Audit Committee will address all reports or concerns involving accounting, internal control or audit issues with exclusive powers to investigate and adopt any and all resolutions it deems appropriate regarding the
reports and concerns received on these topics. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.7.</TD>
<TD ALIGN="left" VALIGN="top">Any reports involving the Audit Committee as a whole or any of its members will be dealt with by the Company&#146;s Supervisory Committee, which will evaluate the situation and, if the case so warrants, will submit it
for the consideration of the Board of Directors. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_13"></A>DISTRIBUTION AND ENFORCEMENT </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.</TD>
<TD ALIGN="left" VALIGN="top">This Code is publicly accessible. It shall be disclosed to all Personnel doing work for the Companies as of the date of approval of this Code, and to all Personnel that may be hired thereafter, at the time they join the
Companies. All Personnel of the Companies shall expressly and formally accept this Code. It will be also posted on the intranet and the website of Telecom Argentina (<B>www.telecom.com.ar</B>) and the rest of the Companies so that it is available
for consultation at any time by Personnel, the shareholders, suppliers, customers and any interested party. Additionally, a printed version of this Code will be available for free to the shareholders upon request, from the Investor Relations Office
at headquarters, Avda. Alicia Moreau de Justo No.&nbsp;50 (1107), Buenos Aires, Argentina, or by e-mail (relinver@ta.telecom.com.ar). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.2.</TD>
<TD ALIGN="left" VALIGN="top">The Company promotes the enforcement of the principles contained in this Code by all parties with whom it does business. As a result, the Company prohibits hiring a third party to do any kind of act that is forbidden by
legal regulations or this Code, and doing business with those who intentionally and ostensibly violate the law or the fundamental principles of this Code. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.3.</TD>
<TD ALIGN="left" VALIGN="top">This Code is regularly reviewed and may be updated from time by the Boards of Directors of the Companies. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.4.</TD>
<TD ALIGN="left" VALIGN="top">The Chief Compliance Officer shall have the primary authority and responsibility for managing, interpreting, distributing and implementing all steps leading to compliance with this Code. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.5.</TD>
<TD ALIGN="left" VALIGN="top">The Audit Committee is responsible for verifying compliance of the conduct guidelines set forth in this Code, carrying out the actions assigned by the legislation and internal standards, as well as the actions
determined by the Audit Committee. </TD></TR></TABLE>

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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_14"></A>WAIVERS AND AMENDMENTS </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.1.</TD>
<TD ALIGN="left" VALIGN="top">Any waiver of the provisions of this Code granted to a member of the Board of Directors or the Supervisory Committee, the Chief Executive Officer, and the Directors reporting to the Chief Executive Officer may only be
granted by a well substantiated resolution of the Audit Committee or the Board of Directors and, when applicable under the regulations in force, such waivers will be reported to Comisi&oacute;n Nacional de Valores and the United States Securities
and Exchange Commission, with a copy to the markets where the Company&#146;s shares are listed. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.2.</TD>
<TD ALIGN="left" VALIGN="top">Waivers of the provisions of this Code granted to the other members of Personnel may be granted by the Chief Compliance Officer. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.3.</TD>
<TD ALIGN="left" VALIGN="top">Any amendments to this Code that are approved by the Board of Directors must be reported to Comisi&oacute;n Nacional de Valores, the United States Securities and Exchange Commission, Bolsa de Comercio de Buenos Aires,
the New York Stock Exchange, and other applicable authorities, stock exchanges and markets. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx46551_15"></A>A<SMALL>DDITIONAL</SMALL> C<SMALL>HAPTER</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> C<SMALL>ODE</SMALL> <SMALL>OF</SMALL>
E<SMALL>THICS</SMALL> <SMALL>AND</SMALL> C<SMALL>ONDUCT</SMALL> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Boards of Directors of Telecom Argentina S.A. (Telecom Argentina) and Telecom
Personal S.A. (Telecom Personal), at the meetings held by each on October&nbsp;26, 2010, decided to include the following Additional Chapter to this Code, which includes the general duties and responsibilities of directors, members of the
supervisory committee and all personnel of either company, which arise from the commitments accepted under Resolutions No.&nbsp;148 and 149 issued on October&nbsp;13, 2010 by the Secretary of Economic Policy, with certain clarifications and details
made by the National Commission for the Defense of Competition (&#147;CNDC&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Both commitments, referred to herein as the &#147;Telco
Commitment&#148; and the &#147;TI-W Commitment&#148;, respectively, with the clarifications and details made by the CNDC, may be consulted on the website of Telecom Argentina and Telecom Personal website, at
http://<U>www.telecom.com.ar/compromisos.htm</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">According to Item&nbsp;2.23 of the Telco Commitment and Item&nbsp;2.xii of the TI-W Commitment, the Code
of Ethics and Conduct shall include the following provisions of such Commitments, referred to Telecom Argentina and Telecom Personal and applicable to members of the Board of Directors, members of the Supervisory Committee, Chief Executive Officers,
Unit Directors, Directors, Managers and other Personnel of Telecom Argentina and Telecom Personal: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">A present or future company controlled by Telef&oacute;nica S.A., doing business in the Argentine Market, may not enter into any agreement with a company controlled by Telecom Italia S.p.A. doing business in the
Argentine market (including Telecom Argentina and any present or future controlled company thereof also doing business the Argentine market), except for those agreements relating to the normal course of operations among companies doing business in
the Argentine market and, in such case, the contract may not provide for more favorable or privileged conditions, or conditions in violation of applicable Argentine regulations. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The companies of Grupo Telef&oacute;nica de Argentina (Telef&oacute;nica de Argentina S.A. and Telef&oacute;nica M&oacute;viles Argentina S.A.) may not use a common brand or any market or advertising strategy in common
with Telecom Argentina and its controlled companies in the relevant markets, in violation of the Telco Commitment or Law No 25,156. </TD></TR></TABLE>

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<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">It is strictly prohibited to all members of the Board of Directors, of the Supervisory Committee, Directors, Managers and Personnel in general of the Companies in Grupo Telecom Argentina (which solely for the purposes
of this Additional Chapter will include Sofora Telecomunicaciones S.A.; Nortel Inversora S.A.; Telecom Argentina S.A. and Telecom Personal S.A.), to engage in any exchange of confidential, strategic or sensitive NON public information with
Telef&oacute;nica S.A. and its controlled companies (including without limitation, Telef&oacute;nica de Argentina S.A. and Telef&oacute;nica M&oacute;viles Argentina S.A.), on the operations referred to activities in the Argentine market of the
companies in the two abovementioned Groups (i.e., Grupo Telecom Argentina and Grupo Telef&oacute;nica). With respect to information intended to become public, neither may such exchange or furnishing of information be done prior to the information
actually becoming public </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">Members of the Board of Directors of any company doing business in the Argentine market, under direct or indirect control of Telef&oacute;nica S.A., may not be elected as members of the Board of Directors of any company
doing business in the Argentine market, controlled by Telecom Italia S.p.A. Additionally, any person who, in the preceding 36 months, has been a member of the Board of Directors of any company doing business in the Argentine market, under direct or
indirect control of Telef&oacute;nica S.A., may not be elected as a director of any company doing business in Argentina under direct or indirect control of Telecom Italia S.p.A. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">Any change of control in the corporate structure of Grupo Telecom Argentina shall require authorization of the Competent Authority of Law No 25,156. For the purpose of this item, a &#147;change of control&#148; shall
have the meaning contemplated in the Law No 25,156, as construed under Argentine court precedents. Any doubt shall be resolved by means of a request for an &#147;advisory opinion&#148; pursuant to the advisory rules. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top">Any breach of the obligations arising from the Telco Commitment and the TI-W Commitment for Telecom Argentina and its controlled companies will be considered a &#147;<B>serious breach</B>&#148;. Such breach may cause
the application of the penalties provided for in Paragraph 5.1 of the Telco Commitment. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TELECOM ARGENTINA GROUP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compliance Program 2015 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Conflict of Interests Policy </B> </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFLICTS OF INTERESTS POLICY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>1.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><A HREF="#tx46551_16">INTRODUCTION</A></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>2.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><A HREF="#tx46551_17">PURPOSE</A></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>3.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><A HREF="#tx46551_18">SCOPE OF APPLICATION</A></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>4.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><A HREF="#tx46551_19">PERSONS TO WHOM THIS POLICY IS DIRECTED</A></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>5.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><A HREF="#tx46551_20">LEGAL AND INTERNAL STANDARDS ASSOCIATED WITH THIS POLICY</A></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>6.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><A HREF="#tx46551_21">GENERAL TERMS</A></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>7.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><A HREF="#tx46551_22">HIRING OF CLOSE RELATIVES</A></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>8.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><A HREF="#tx46551_23">CONFLICTS OF INTEREST INVOLVING THE CONTROLLING SHAREHOLDERS, MEMBERS OF THE BOARD OF DIRECTORS AND THE SUPERVISORY
 COMMITTEE, THE CHIEF EXECUTIVE OFFICER, THE CHIEF HUMAN CAPITAL OFFICER AND THE CHIEF COMPLIANCE OFFICER</A></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>9.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><A HREF="#tx46551_24">CONFLICTS OF INTEREST INVOLVING OTHER EMPLOYEES</A></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>10.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><A HREF="#tx46551_25">DISCIPLINARY MEASURES</A></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>

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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_16"></A>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>INTRODUCTION </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top">Telecom Argentina Group understands that on certain occasions its Personnel and their Close Relatives might face situations that could interfere with the conduct of work-related activities. Those situations, coupled
with the risk of affecting the Company&#146;s interests by pursuing personal interests, may occur at any organizational level, regardless of the will and good faith of the persons involved. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.2.</TD>
<TD ALIGN="left" VALIGN="top">The prevention of conflicts of interest is part of the general framework for safeguarding the values of honesty, ethics and transparency, and the principles of conduct set forth in: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">art. 85 of the Labor Contract Law on the duty of loyalty: &#147;<I>The worker shall discharge all duties of loyalty deriving from the nature of the tasks assigned to him/her, preserving at all times the confidentiality
or secrecy of any information he/she accesses and is expected to preserve</I>&#148;; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">art. 88 of the Labor Contract Law on the duty of non-competition: &#147;<I>The worker shall refrain from doing any dealings on his/her own behalf or on behalf of third parties which could affect the interests of the
employer, unless he/she has the employer&#146;s authorization</I>&#148;; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">articles 248; 271 and 272 of the Business Associations Law, and Art. 4 paragraph. 3 of Chapter II, Title XII of the Regulations of Comisi&oacute;n Nacional de Valores (NT 2013), on conflicts of interest in companies;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Code of Ethics and Conduct of the Telecom Argentina Group; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the principle of segregation of duties, which calls for the separation of roles and responsibilities that are incompatible with each other, in order to limit the risk deriving from the overlapping of critical
activities. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_17"></A>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>PURPOSE </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.1.</TD>
<TD ALIGN="left" VALIGN="top">The Conflict of Interest Policy (hereinafter, &#147;<B>the Policy</B>&#148;) is intended to define the framework of reference for preventing and managing conflict of interest situations in order to: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.1.1.</TD>
<TD ALIGN="left" VALIGN="top">Avoid or limit their negative impact on the interests of the companies belonging to Telecom Argentina Group. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.1.2.</TD>
<TD ALIGN="left" VALIGN="top">Support and protect the persons involved, who are required to behave in a transparent way. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_18"></A>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>SCOPE OF APPLICATION </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.1.</TD>
<TD ALIGN="left" VALIGN="top">This Policy applies to Telecom Argentina S.A. (&#147;<B>Telecom Argentina</B>&#148;), and its controlled companies whose Boards of Directors approve and adopt this Policy (collectively, &#147;the <B>Companies</B>&#148;
or the &#147;<B>Telecom Argentina Group</B>&#148; or the &#147;<B>Group</B>&#148;). &#147;<B>Company</B>&#148; refers to any of the Companies. </TD></TR></TABLE>

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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_19"></A>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>PERSONS TO WHOM THIS POLICY IS DIRECTED </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.1.</TD>
<TD ALIGN="left" VALIGN="top">This Policy is intended for and must be observed by all members of the Board of Directors, the Supervisory Committee, the Chief Executive Officer (&#147;CEO&#148;), the Directors, Managers and all other personnel,
regardless of the hiring mode (all of them collectively and every one of them individually hereinafter referred to as &#147;<B>Personnel</B>&#148;), of each of the Companies. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.2.</TD>
<TD ALIGN="left" VALIGN="top">All references in this Policy to compliance by Personnel with their duties, attitudes and conduct towards the Company shall mean the duties, attitudes and conduct of the Personnel towards the Companies in which said
Personnel work. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.3.</TD>
<TD ALIGN="left" VALIGN="top">This Policy, approved by the Board, has the same rank and enforceability, and is given the same dissemination, as the Code of Ethics and Conduct of the Telecom Argentina Group. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_20"></A>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>LEGAL AND INTERNAL STANDARDS ASSOCIATED WITH THIS POLICY </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.</TD>
<TD ALIGN="left" VALIGN="top">Code of Ethics and Conduct of the Telecom Argentina Group. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.2.</TD>
<TD ALIGN="left" VALIGN="top">Current Authorization System. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_21"></A>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>GENERAL TERMS </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.1.</TD>
<TD ALIGN="left" VALIGN="top">All Personnel have the obligation to behave in an honest and ethical manner and to act in the best interest of the Company or Companies in which they work, avoiding any situations that might give rise to a potential or
actual conflict between their own interests and the Companies&#146; interests. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.2.</TD>
<TD ALIGN="left" VALIGN="top">Conflict occurs when Personnel&#146;s private interest contradicts or interferes in any way with the interest of the Company or Companies. The main risk in case a conflict of interest occurs is that it may hinder
work-related decision-making or prevent employees from doing their job effectively and objectively. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.3.</TD>
<TD ALIGN="left" VALIGN="top">There is a wide range of conflict of interest situations, and no conclusive listing of all conflict of interest cases can be made <I>a priori</I>. For example, some circumstances that lead or could lead to a conflict of
interest include, but are not limited to: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.3.1.</TD>
<TD ALIGN="left" VALIGN="top">Existence of economic and financial interests of Personnel and/or their Close Relatives in the activities of suppliers, customers and competitors of the Companies. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.3.2.</TD>
<TD ALIGN="left" VALIGN="top">Possible use, by Personnel, of the position they hold in the Company or the information or business opportunities they have as a result of their position in the Company, for their own benefit or for the benefit of third
parties. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.3.3.</TD>
<TD ALIGN="left" VALIGN="top">Performance of work by Personnel&#146;s Close Relatives at companies that are suppliers, competitors, customers and public regulatory entities with which the Personnel in question or the function of the Company in which
said Personnel work, interacting for the fulfillment of their duties. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.3.4.</TD>
<TD ALIGN="left" VALIGN="top">Working relations &#150; with functional or subordinated reporting &#150;between Personnel and Close Relatives, which could condition the corporate decisions relating to management of the working relationship.
</TD></TR></TABLE>

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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.3.5.</TD>
<TD ALIGN="left" VALIGN="top">Having a personal interest in a transaction involving the Company, a competitor, customer or supplier, except for the interests inherent in the position held at the Company. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">This item 6.3.5 does not include the typical transactions of consumption relations involving Personnel or their Close Relatives, in their
capacity as consumers, on the one hand, and on the other, the Companies or their customers, suppliers or competitors, as long as they involve the provision of goods and services inherent in the business of the Companies, their customers, suppliers
or competitors, and when transactions are made under the same conditions as those which apply to any other consumer. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.3.6.</TD>
<TD ALIGN="left" VALIGN="top">Acting as supplier, agent or representative of the Companies, except in the case of Board Members or Statutory Auditors who are members of professional associations providing advisory services to the Companies on an
independent basis; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.3.7.</TD>
<TD ALIGN="left" VALIGN="top">Performing hierarchical or managerial duties at a supplier, agent or representative of the Companies, except in the case of Board Members or Statutory Auditors who are members of professional associations providing
advisory services to the Companies on an independent basis. Board Members and Statutory Auditors may be members of the Boards of Directors or Supervisory Committees of such companies and carry out tasks involving mere independent advice, by
previously notifying the Company&#146;s Board of Directors. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.4.</TD>
<TD ALIGN="left" VALIGN="top">In the context of situations reported by Personnel to the Company, the following cases could occur: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.4.1.</TD>
<TD ALIGN="left" VALIGN="top"><B>Actual conflict of interest</B>: it occurs during the course of Personnel&#146;s performance of duties. The actual conflict occurs when the private interests of Personnel contradict or interfere in any way with the
Company&#146;s interest at the time the person is required to act without any interference. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.4.2.</TD>
<TD ALIGN="left" VALIGN="top"><B>Potential conflict of interest</B>: a situation that is not an actual conflict of interests but could give rise to a conflict of interests. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.5.</TD>
<TD ALIGN="left" VALIGN="top">With regard family relations, the following provisions apply: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.5.1.</TD>
<TD ALIGN="left" VALIGN="top"><B>&#147;Close Relatives&#148;</B> of Personnel mean the spouse (if not legally separated), cohabitee, child, parent, brother/sister, brother/sister-in-law, son/daughter-in-law, father/mother-in-law, step-son/daughter,
step-father/mother, uncle, aunt, cousin, nephew, niece, grandparent or grandchild of a Personnel or of the Personnel&#146;s spouse (if not legally separated) or cohabitee. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.5.2.</TD>
<TD ALIGN="left" VALIGN="top">If the Close Relative is also a member of the Personnel of other Companies in the Telecom Argentina Group, communication of the potential conflict of interest should also be made even if no relationship or an
insignificant relationship exists between the jobs done by both persons, as their positions could vary as a result of organizational or management changes in the Group. </TD></TR></TABLE>

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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_22"></A>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>HIRING OF CLOSE RELATIVES </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.1.</TD>
<TD ALIGN="left" VALIGN="top">The following persons shall not join as Personnel of the Companies: the Close Relatives of the persons who are serving as Board Members (unless said Close Relatives also join as Board Members), Supervisory Committee
Members, the Chief Executive Officer and Directors. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.2.</TD>
<TD ALIGN="left" VALIGN="top">The hiring of Close Relatives of the rest of Personnel shall have the approval of the Chief Human Capital Officer. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_23"></A>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CONFLICTS OF INTEREST INVOLVING THE CONTROLLING SHAREHOLDERS, MEMBERS OF THE BOARD OF DIRECTORS AND THE SUPERVISORY COMMITTEE, THE CHIEF EXECUTIVE OFFICER, THE CHIEF HUMAN CAPITAL OFFICER AND THE CHIEF COMPLIANCE
OFFICER </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.1.</TD>
<TD ALIGN="left" VALIGN="top">Any actual or potential conflicts of interest involving the controlling shareholders, the members of the Board of Directors and the Supervisory Committee, the Chief Executive Officer, the Chief Human Capital Officer and
the Chief Compliance Officer shall be reported by the persons involved to the Chairman of the Board of Directors and the Audit Committee [Law 26,831 art. 110]. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.2.</TD>
<TD ALIGN="left" VALIGN="top">The Audit Committee shall review any conflicts of interest reported to it and will adopt the actions it deems appropriate, reporting said cases to the Board of Directors. Additionally, whenever the significance of the
conflict of interest warrants it, the Audit Committee shall issue a substantiated opinion and, through the Board of Directors, it will disclose it as applicable to the markets and corporate control organizations [Law 26.831 art. 110 and Audit
Committee Implementation Regulations]. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.3.</TD>
<TD ALIGN="left" VALIGN="top">Any actual and potential conflicts of interest involving the Chairman of the Board and the Members of the Audit Committee shall be reported to the Board of Directors and the Supervisory Committee, and addressed by the
latter. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.4.</TD>
<TD ALIGN="left" VALIGN="top">Clause 8.1 does not apply to transactions for the provision of goods or services made with companies that qualify as &#147;related parties&#148;, to which the Current Authorization System and Law 26,831 apply.
</TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_24"></A>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CONFLICTS OF INTEREST INVOLVING OTHER EMPLOYEES </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.1.</TD>
<TD ALIGN="left" VALIGN="top">The following guidelines apply to actual or potential conflicts of interest involving Directors and Managers of the Macrostructure, not mentioned in item 8.1, and other employees of the Company in any hiring mode
(hereinafter, collectively, &#147;the<B> Employees</B>&#148; and individually, &#147;the <B>Employee</B>&#148;). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.2.</TD>
<TD ALIGN="left" VALIGN="top">In general terms: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.2.1.</TD>
<TD ALIGN="left" VALIGN="top">Any situation that can constitute or lead to a conflict of interest must be disclosed to the Company by the Employee involved. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.2.2.</TD>
<TD ALIGN="left" VALIGN="top">Conflicts of interest can have varying degrees of importance; therefore, handling such conflicts of interest would not be possible without a specific evaluation of the case and its potential consequences.
</TD></TR></TABLE>

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<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.3.</TD>
<TD ALIGN="left" VALIGN="top">The responsibilities of the actors involved in the process of handling conflicts of interest will be specified in the Conflict of Interest Operating Procedure, according to the following instructions: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.3.1.</TD>
<TD ALIGN="left" VALIGN="top">The <B>Employees</B> of the Companies will report immediately to the Chief Compliance Officer, using the dedicated email address </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>compliance.conflictodeintereses@ta.telecom.com.ar </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">to his/her supervisor and, for his/her information, to the Human Capital Officer, any situation that could constitute or determine an actual
or potential conflict of interest, and will refrain from taking part in the operating or decision-making process regarding which the conflict situation has been identified. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.3.2.</TD>
<TD ALIGN="left" VALIGN="top">The <B>Members of the Macrostructure</B> will disclose their possible conflicts of interest at the time of their hiring or appointment, and shall update their Possible Conflict of Interest Certification on an annual
basis. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.3.3.</TD>
<TD ALIGN="left" VALIGN="top">The <B>Chief Compliance Officer (&#147;CCO&#148;)</B> will define, jointly with the competent structures of Human Capital Operations, the Action Plan comprising the initiatives identified for addressing actual or
potential conflicts of interest, and the management of possible risks associated with each of them. The CCO will: ensure continuous monitoring by the supervisors of the employees affected by potential conflict of interest situations; report the
cases reviewed and any interventions on a quarterly basis to the first line of report of the CEO (limited to the cases of their competence), the CEO, the Audit Committee, the Audit Department and the Human Capital Department; ensure the annual
delivery of a Certification of possible conflicts of interest by all members of the Macrostructure, and in the event of receiving documentation that is within the scope of competence of the Audit Department, forward that documentation to the Audit
Department. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.3.4.</TD>
<TD ALIGN="left" VALIGN="top"><B>Human Capital (&#147;HC&#148;)</B> will be responsible for: the analysis of the case reported by the Employee; the definition of the joint standard with the CCO and with the Manager in Charge of the Action Plan to
manage the risks associated with the conflict situations defined as such by the CCO; and the systematic follow-up of the Action Plan to handle identified conflicts, including organizational review processes. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.3.5.</TD>
<TD ALIGN="left" VALIGN="top"><B>The Supervisor</B> of the Employee involved will be responsible for: the analysis and the investigation of the case reported by the Employee, jointly with the relevant functions of Human Capital Operations; written
communications with the Employee; follow-up of specific conflict of interest situations identified within his/her scope of competence. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.3.6.</TD>
<TD ALIGN="left" VALIGN="top"><B>Procurement and other purchasing areas </B>are responsible for ensuring, jointly with Compliance and Human Capital, the implementation of the management and solution Action Plan for all cases of conflict of interest
situations that could involve suppliers. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B><A NAME="tx46551_25"></A>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>DISCIPLINARY MEASURES </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.1</TD>
<TD ALIGN="left" VALIGN="top">Personnel who do not avoid conflicts of interest when it is up to them to avoid them or who does not duly report any conflict of interest actually or potentially affecting them will be responsible for direct and
indirect damages sustained by Telecom Argentina Group as a result of their conduct, and will be subject to disciplinary measures including dismissal or removal from office, in accordance with applicable laws and existing contracts.
</TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TELECOM ARGENTINA GROUP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compliance Program 2015 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Anticorruption Policy</B> </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANTICORRUPTION POLICY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TABLE OF CONTENTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="97%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><A HREF="#tx46551_26">P<SMALL>REMISE</SMALL></A><SMALL></SMALL></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2.</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><A HREF="#tx46551_27">P<SMALL>URPOSE</SMALL></A><SMALL></SMALL></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><A HREF="#tx46551_28">S<SMALL>COPE</SMALL> O<SMALL>F</SMALL> A<SMALL>PPLICATION</SMALL></A><SMALL></SMALL></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4.</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><A HREF="#tx46551_29">P<SMALL>ERSONS</SMALL> <SMALL>TO</SMALL> <SMALL>WHOM</SMALL> <SMALL>THIS</SMALL> P<SMALL>OLICY</SMALL> <SMALL>IS</SMALL> <SMALL>DIRECTED</SMALL></A><SMALL></SMALL></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5.</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><A HREF="#tx46551_30">D<SMALL>EFINITIONS</SMALL></A><SMALL></SMALL></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6.</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><A HREF="#tx46551_31">L<SMALL>EGAL</SMALL> <SMALL>AND</SMALL> I<SMALL>NTERNAL</SMALL> S<SMALL>TANDARDS</SMALL> <SMALL>ASSOCIATED</SMALL> <SMALL>WITH</SMALL> <SMALL>THIS</SMALL>
P<SMALL>OLICY</SMALL></A><SMALL></SMALL></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7.</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><A HREF="#tx46551_32">G<SMALL>ENERAL</SMALL> P<SMALL>RINCIPLES</SMALL></A><SMALL></SMALL></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8.</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><A HREF="#tx46551_33">S<SMALL>ENSITIVE</SMALL> A<SMALL>REAS</SMALL></A><SMALL></SMALL></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>9.</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><A HREF="#tx46551_34">M<SMALL>ISCELLANEOUS</SMALL></A><SMALL></SMALL></B></TD></TR>
</TABLE>

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<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_26"></A>PREMISE </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top">The Companies of Telecom Argentina Group base their business activities on the respect of the values and principles set out in the Code of Ethics and Conduct, in the belief that business conduct cannot be separated from
ethics. In this regard, the Group&acute;s Companies specifically must reject and stigmatize recourse to illegal and improper conduct (including corrupt practices of any kind) in order to achieve their business objectives. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_27"></A>PURPOSE </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.1.</TD>
<TD ALIGN="left" VALIGN="top">This Anticorruption Policy (hereinafter, &#147;the Policy&#148; or &#147;the present Policy&#148;) aims at providing a systematic framework to counter corrupt practices for the Telecom Argentina Group.
</TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_28"></A>SCOPE OF APPLICATION </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.1.</TD>
<TD ALIGN="left" VALIGN="top">This Policy applies to Telecom Argentina S.A. (&#147;<B>Telecom Argentina</B>&#148;), and its controlled companies whose Boards of Directors approve and adopt this Policy (collectively, &#147;the <B>Companies</B>&#148;
or the &#147;<B>Telecom Argentina Group</B>&#148; or <B>the</B> &#147;<B>Group</B>&#148;). &#147;<B>Company</B>&#148; refers to any of the Companies. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_29"></A>PERSONS TO WHOM THIS POLICY IS DIRECTED </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.1.</TD>
<TD ALIGN="left" VALIGN="top">This Policy is intended for and must be observed by all members of the Board of Directors, the Supervisory Committee, the Chief Executive Officer (&#147;CEO&#148;), the Directors, Managers and all other personnel,
regardless of the hiring mode (all of them collectively and every one of them individually hereinafter referred to as &#147;<B>Personnel</B>&#148;), of each of the Companies. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.2.</TD>
<TD ALIGN="left" VALIGN="top">All references in this Policy to compliance by Personnel with their duties, attitudes and conduct towards the Company shall mean the duties, attitudes and conduct of the Personnel towards the Companies in which said
Personnel work. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.3.</TD>
<TD ALIGN="left" VALIGN="top">This Policy, approved by the Board, has the same rank and enforceability, and is given the same dissemination as the Code of Ethics and Conduct of the Telecom Argentina Group. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_30"></A>DEFINITIONS </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.</TD>
<TD ALIGN="left" VALIGN="top">For the purposes of this Policy: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.1.</TD>
<TD ALIGN="left" VALIGN="top">&#147;Public Official&#148; shall mean: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">Any officer, employee or person acting for or on behalf of: (i)&nbsp;the government, or any department, agency or governmental entity thereof; (ii)&nbsp;a company that is owned or controlled by the State (wholly or
partially); or (iii)&nbsp;any person who holds a public office at any level and with any scope (local, provincial or national). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">Any person who holds a government office or is a public servant, elected or designated, who works at any level, agency, department or entity of the Executive, Legislative and Judicial Powers of the Nation, the
provinces, the Buenos Aires City or the Municipalities (for instance, the President of the Nation; Ministers; Governors; Mayors; members of National Congress, Legislatures and Councils; Judges, Attorneys and any other member of the Judiciary,
regardless of rank, venue or jurisdiction). </TD></TR></TABLE>

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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top">Any political party, officer, employee or person acting for or on behalf of a political party or candidate for public office (for instance, candidates to elective offices, members of any political party and officers
with administrative functions hired by political parties). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top">Any officer, agent or person acting for or on behalf of a Foreign State and/or a public international organization (such as the United Nations, the Organization of American States, the European Commission, the European
Court of Justice, the World Bank or the International Monetary Fund) or any of its entities, branches or agencies, or of a company in which the abovementioned entities have a controlling interest or shareholding. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top">All personnel hired by the agencies, entities or companies mentioned in the foregoing paragraphs, and /or advisors to any of the abovementioned officials or employees. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top">If there is any doubt or ambiguity as to whether a particular individual qualifies as a Public Official, please consult Telecom Argentina Compliance Department. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.2.</TD>
<TD ALIGN="left" VALIGN="top">&#147;Private Person&#148; shall mean any person who does not qualify as a Public Official, with whom the Companies have or might have&nbsp;business or institutional relations. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.3.</TD>
<TD ALIGN="left" VALIGN="top">A subject&#146;s &#147;Close Relative&#148; shall mean the spouse (if not legally separated), cohabitee, child, parent, brother/sister, brother/sister-in-law, son/daughter-in-law, father/mother-in-law,
step-son/daughter, step-father/mother, uncle, aunt, cousin, nephew, niece, grandparent or grandchild of a subject or of the subject&#146;s spouse (if not legally separated) or cohabitee. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.4.</TD>
<TD ALIGN="left" VALIGN="top">&#147;Internal Procedures&#148; shall mean the procedures adopted by the Companies to implement the rules set forth in this Policy, available on the Companies&#146; Intranet. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.5.</TD>
<TD ALIGN="left" VALIGN="top">&#147;Representation Expenses&#148; shall mean the expenses incurred in the provision of goods and services to third parties who are not employed by the Companies, with the aim of promoting a positive image of the Group
and its business, consisting of meals, trips and entertainment. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_31"></A>LEGAL AND INTERNAL STANDARDS ASSOCIATED WITH THIS POLICY </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.1.</TD>
<TD ALIGN="left" VALIGN="top">Code of Ethics and Conduct of the Telecom Argentina Group. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.2.</TD>
<TD ALIGN="left" VALIGN="top">U.S. Foreign Corrupt Practices Act (FCPA). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.3.</TD>
<TD ALIGN="left" VALIGN="top">Antifraud Policy. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.4.</TD>
<TD ALIGN="left" VALIGN="top">Policy on Conflict of Interests. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_32"></A>GENERAL PRINCIPLES </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.1.</TD>
<TD ALIGN="left" VALIGN="top">As provided by the Code of Ethics and Conduct, without exception, any practice of corrupt nature is prohibited. </TD></TR></TABLE>

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<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.2.</TD>
<TD ALIGN="left" VALIGN="top">It is specifically prohibited to offer, promise, pay, give or authorize the giving of, or to receive, claim or demand, directly or indirectly, compensation, gifts, personal economic benefits or any other type of
benefit, to/from any Public Official or Private Person and/or any entity that they directly or indirectly represent that is for the purpose of influencing a business or official decision and/or obtaining or retaining business or any advantage, or
that: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.2.1.</TD>
<TD ALIGN="left" VALIGN="top">is not of modest value; i.e. exceeds the limits of reasonable courtesy and practice, or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.2.2.</TD>
<TD ALIGN="left" VALIGN="top">is likely to be interpreted as intended to unduly influence the relations between the Companies and the Public Official or Private Person and/or the entity that such person directly or indirectly represents, regardless
of whether or not there is actually an improper purpose. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.3.</TD>
<TD ALIGN="left" VALIGN="top">&#147;Facilitation payments&#148; (i.e., unofficial payments of modest value made in order to expedite or secure the performance of a routine governmental action or of an activity that is part of the duties of the
Public Officials and Private Persons with which the Companies have relations) are prohibited. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.4.</TD>
<TD ALIGN="left" VALIGN="top">Receiving loans or guarantees for an obligation based on the employee&#146;s status as Personnel of the Company is not allowed; employee status may only be taken considered for the purpose of assessing the solvency of
the loan or guarantee applicant. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.5.</TD>
<TD ALIGN="left" VALIGN="top">Each activity carried out in the sensitive areas referred to in article 8 must be correctly and accurately reflected in the accounting documents. It is in fact the responsibility of the Companies to prepare the
financial reports that accurately, correctly, and in reasonable detail reflect all their transactions, as well as to establish and carry out adequate controls to provide reasonable assurance that: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.5.1.</TD>
<TD ALIGN="left" VALIGN="top">The transactions are real and carried out only in accordance with the specific authorization of management. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.5.2.</TD>
<TD ALIGN="left" VALIGN="top">The transactions are recorded in order to allow the preparation of the financial reports in accordance with the relevant accounting standards. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.5.3.</TD>
<TD ALIGN="left" VALIGN="top">The value of the assets included in the financial reports is checked, with reasonable frequency, against inventories, and appropriate measures are taken with regard to the differences encountered. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.6.</TD>
<TD ALIGN="left" VALIGN="top">The use of personal funds or means in order to circumvent the application of this Policy is strictly prohibited. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_33"></A>SENSITIVE AREAS </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.1.</TD>
<TD ALIGN="left" VALIGN="top">The obligations and limits set out in this Policy apply with regard to Public Officials and Private Persons, and/or the entities they directly or indirectly represent, with which the Companies have or might have
business or institutional relations. If economic or other benefits are assigned to Close Relatives of the abovementioned subjects, or of the senior management or of the Personnel, such benefits are considered potential indicators of activities of a
corrupt nature, and are therefore prohibited, except as provided for by the Internal Procedures. </TD></TR></TABLE>

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<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.2.</TD>
<TD ALIGN="left" VALIGN="top">To counter corrupt practices, specific monitoring is required, in particular in the following sensitive areas: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Gifts and representation expenses offered by Personnel to Public Officials and Private Persons. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Gifts, travel, meals and other entertainment intended for Personnel. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Events and sponsorship. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Donations, membership fees and contributions to non-profit entities. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consulting, intermediation, relationships with business partners and suppliers. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Joint ventures, acquisitions and transfer of companies. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>8.3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Gifts and Representation Expenses offered by Personnel to Public Officials and Private Persons </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.3.1.</TD>
<TD ALIGN="left" VALIGN="top">Without prejudice to the general prohibition against providing any kind of benefit to Public Officials and Private Persons to influence a business or official decision and/or obtain or retain business or any advantage,
gifts and representation expenses offered to Public Officials and Private Persons: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">must, in all circumstances: (i)&nbsp;be carried out in relation to a legitimate business purpose; (ii)&nbsp;be reasonable and offered in good faith; (iii)&nbsp;be consistent with all applicable laws and regulations and
in compliance with applicable Company Internal Procedures; (iv)&nbsp;be recorded in accurate, appropriate, and reasonably detailed documentation; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">may never be in the form of cash, regardless of the amount or the recipient. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.3.2.</TD>
<TD ALIGN="left" VALIGN="top">Regarding the economic limits and types of permitted gifts and representation expenses, and the related manners for performing and recording them, please refer to relevant Internal Procedures. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.3.3.</TD>
<TD ALIGN="left" VALIGN="top">Any products/services provided by the Companies to Public Officials or Private Persons must be offered, without exception, pursuant to the same terms and conditions that would apply to the Company&#146;s customers in
the ordinary course of business. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>8.4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Gifts, Travel, Meals and other Entertainment for Personnel: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.4.1.</TD>
<TD ALIGN="left" VALIGN="top">Gifts, travel, meals and other entertainment offered to the Companies&#146; Personnel, including senior management: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">May not be accepted if they hinder decision-making or prevent doing the job in an efficient, objective and ethical way. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">Should be infrequent, moderate and accepted in good faith. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top">Should never be in cash. </TD></TR></TABLE>

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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.4.2.</TD>
<TD ALIGN="left" VALIGN="top">Regarding the economic limits and types of permitted gifts, travel, meals and other entertainment, please refer to the relevant Internal Procedures. Internal Procedures shall indicate the ways for returning gifts or
delivering them to charities when such gifts do not qualify as permitted gifts, or when the economic limits set in this Policy or the Internal Procedures are exceeded. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>8.5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Events and sponsorship </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.5.1.</TD>
<TD ALIGN="left" VALIGN="top">Since corrupt acts can be carried out in connection with the organization of events and the granting of sponsorships, in addition to complying with Internal Procedures, events and sponsorships must always be related to
a legitimate business or institutional purpose, reasonable, and undertaken in good faith. Such events must be properly documented, approved in accordance with the authorization process established by the Internal Procedures and comply with the
Company&#146;s prescribed economic limits. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>8.6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Donations, membership fees and contribution to non-profit entities </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.6.1.</TD>
<TD ALIGN="left" VALIGN="top">Donations, gifts and/or participation in charitable organizations, foundations, non-profit organizations (&#147;Contributions&#148;) must not be provided where there is a reason to believe that funds or assets provided
will be diverted for the personal use or benefit of Public Officials and Private Persons. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.6.2.</TD>
<TD ALIGN="left" VALIGN="top">All Contributions must, therefore, be performed in accordance with Internal Procedures, and must comply with the following minimum standards: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">Contributions are only permitted when the recipient is an institution with proven reliability and a reputation for honesty and fair practices. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">According to the Company&#146;s pre-approval process, the requesting Department must provide an adequate description of the nature and purpose of the contribution, due diligence must be conducted on the beneficiary
institution in order to verify its eligibility under item &#147;a&#148; above, and the legality of the contribution under applicable laws must be considered. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top">These contributions can be made as long as they are in accordance with a budget drawn up on the basis of cost-effectiveness and reasonableness, and approved in accordance with the authorization process established by
the Internal Procedures. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>8.7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Consulting, intermediation, relationships with business partners and suppliers </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.7.1.</TD>
<TD ALIGN="left" VALIGN="top">The process of selection of consultants, agents, intermediaries, business partners and suppliers must include adequate due diligence, in order to, at a minimum: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">Establish their identity, experience, qualifications and reputation. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">Ensure that the person or entity to be hired actually has the necessary technical/professional/organizational requirements and the potential to provide the relevant service(s). </TD></TR></TABLE>

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<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top">Ascertain if the person or entity has been subject to any judgments or been the subject of any investigations involving bribery or corruption or any other illegal activity, or if there are any other &#147;red
flags&#148; with respect to the third party&#146;s activities. The existence of any of these elements should be reported to the Chief Compliance Officer, who shall provide his/her opinion or recommendation in order to decide whether to go ahead with
the contract or change the course of action. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.7.2.</TD>
<TD ALIGN="left" VALIGN="top">Contracts with consultants, agents, intermediaries, business partners and suppliers must be drafted in accordance with the instructions contained in the Internal Procedures and must provide for the right of the
Companies to terminate the relationship in case of a violation of applicable anti-corruption laws. The employee who is responsible for the relationship with the consultants must verify that the services have actually been carried out and the
adequacy of the third party&#146;s fee. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>8.8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Joint ventures, acquisitions and transfer of companies </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.8.1.</TD>
<TD ALIGN="left" VALIGN="top">Joint ventures, acquisitions and transfer of companies must be undertaken in accordance with the Internal Procedures. In any case, appropriate due diligence must be carried out in order to identify the main corruption
risk factors and &#147;red flags&#148;. The existence of any of these elements should be reported to the Chief Compliance Officer, who shall provide his/her opinion or recommendation in order to decide whether to go ahead with the transaction or
change the course of action. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.8.2.</TD>
<TD ALIGN="left" VALIGN="top">Whenever an acquisition is carried out, a plan for compliance with this Policy must be activated as an essential part of the post-acquisition integration plan. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.8.3.</TD>
<TD ALIGN="left" VALIGN="top">Contracts must also contain appropriate anti-corruption representations and warranties. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><A NAME="tx46551_34"></A>MISCELLANEOUS MATTERS </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.1.</TD>
<TD ALIGN="left" VALIGN="top">No practice qualified as corrupt in nature, including facilitation payments, may be justified or tolerated by the fact that it is common practice in the business sector or country in which the activity is carried out.
It is not permitted to impose or accept any service, if it can be realized only by compromising the values and principles of the Code of Ethics and Conduct or in violation of the provisions of this Policy or applicable procedures. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.2.</TD>
<TD ALIGN="left" VALIGN="top">None of the persons to whom this Policy is directed will be discriminated against or punished in any way for having refused to carry out a corrupt or potentially corrupt act, even if this refusal causes the loss of
business or other detrimental consequence for the business or institutional relations. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.3.</TD>
<TD ALIGN="left" VALIGN="top">Any breaches of this Policy, of the Internal Procedures referred to herein, or of applicable regulations will render the Company&#146;s Personnel liable for any direct and indirect damage that any such breach may cause
to the Company and/or to Telecom Argentina Group, including the immediate reimbursement of any financial gain obtained. Any such breach will be considered a serious breach in the employment relation, leading to disciplinary measures and eventually
removal from office. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Additionally, any such breach will result in penalties for those involved, in accordance with the provisions of the law, bargaining agreements and contracts. </TD></TR></TABLE>

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<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.4.</TD>
<TD ALIGN="left" VALIGN="top">Any changes to this Policy shall be approved by the Board of Directors of each Company, always in agreement with the Board of Telecom Argentina, in order to maintain a consistent Anticorruption Policy for all Companies.
Internal Procedures mentioned in this Policy will be approved and, if necessary, modified, by the Chief Executive Officer of the Telecom Argentina Group. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: November 2nd, 2015</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Oscar C. Cristianci</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Oscar C. Cristianci</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Chairman</TD></TR>
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